costly mortgage mistakes and how to avoid them by equity direct funding
TRANSCRIPT
Costly Mortgage Mistakes and How to Avoid Them
One way people get in trouble with home ownership is borrowing too much money
Remember that you’ll also have bills to pay, property taxes, etc
Most advisors will tell new buyers to keep an ‘emergency reserve’
Borrowing Too Much Money
You’ll hear a lot about ‘Fixed-Rate’ or ‘Adjustable-Rate’ loans and it’s important to understand the difference between the two
Fixed-Rate loans are ‘stationary’—the rates don’t change throughout the entire term of the loan
Adjustable-Rate loans are those with rates that fluctuate depending upon a benchmark set
For more information, check out Equity Direct Funding
What Type of Loan Should You
Get?
We are all familiar with extra ‘fees’ added on to cell phone bills, utility bills, etc, and lenders are no exception
You might see, for example, a ‘document preparation’ fee or an outrageous fee for a credit check
Do your homework and get other quotes before you decide on a lender so you can minimize these. Once resource is Equity Direct Funding
Do Your Homework
on Fees
After purchasing a home, you still have to have the money to move into it.
Check on utility hook-up costs, moving truck expenses, and so on. They can add up!
Remember, You Want to LIVE in the House, Not
Just BUY It!
When the process is over, remember to ENJOY your
new home!
Congratulations!!!